Home Insurance in India

To suit the varied needs of every individual customer, leading home insurance companies and banks in India offer a broad range of home insurance policies. These varied types of home insurance policies help customers to understand the necessity of home insurance and choose the right policy according to their requirements. The primary and most popular types of home insurance policies offered in India have been listed down, in a comprehensive manner.

Standard Fire and Special Perils Policy

Offered by every leading insurance company, as the name of the policy suggests, it provides coverage against certain special perils and fire outbreak. This coverage can be bought by house owners (for their own house) and also by tenants residing in a rented house. The sum insured, for this policy, is calculated as Building - Cost of reconstruction (exclusive of land value). A Standard Fire and Special Perils policy covers the insured home against loss and damages caused due to following causes

  • Natural calamities like lightning, fire, volcanic eruptions, bush fire, forest fire, earthquakes, storms, floods.
  • Damages caused due to explosion/implosion, man-made anti-social activities like strikes, riots, damage caused with malicious intent
  • Damage caused by direct contact of rail/road, vehicle. Damage caused due to the insured house, with your own vehicle, is not included in this cover.
  • Damage caused due to bursting or/and overflowing of water tanks, pipes and apparatus
  • Subsidence including rockslide and landslide
  • Missile testing operations
  • Damage caused due to leakage from automatic sprinkler installations

Home Structure/Building Insurance

This type of home insurance covers the structure of your house from any kinds of dangers and risks. In addition to this, the policy also protects any permanent fixtures within the house. This includes your kitchen and bathroom fittings, and also the ceiling/roof of the insured house. Some houses have garages, an outdoor room/house or sheds. This type of insurance usually extends to these structures as well.

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